Latest news with #TimCribb
Yahoo
12-04-2025
- Business
- Yahoo
Reko Diq ‘breaking down barriers' in Pakistan's mining industry, says project manager
The Reko Diq gold and copper mine in Pakistan has reached levels of progress as yet unseen in the project's decades long history. On 8 April, the mine's updated feasibility study and conditional related phase one development capital was approved. Following this breakthrough, Reko Diq project manager Tim Cribb spoke to Mining Technology from the Pakistan Minerals Investment Forum (PMIF) about the next steps for the mine. 'The good thing about the project is that we have buy-in at the federal as well as the provincial level. Now that the feasibility study is complete, we have a pathway forward and can focus on the delivery of the construction and mobilising people,' he said. Currently, the mine is jointly owned by Canadian miner Barrick Gold (50%), the Pakistan Government (25%) and the Government of Balochistan (25%). Saudi Arabian mining fund Manara Minerals is also set to purchase a 10–20% stake valued at between $500m (SR1.88bn) and $1bn from the Pakistan Government. The phase one approval for Reko Diq is contingent on limited recourse project financing of $3bn (C$4.26bn). If this is secured, works can commence in 2025 in line with the target for first production by the end of 2028. In addition, the World Bank's private investment arm, the International Finance Corporation, is providing $300m in debt financing for the mine. According to the latest feasibility study, Reko Diq is estimated to contain 15 million tonnes of proven and probable copper reserves, as well as 26 million ounces of gold. The project will comprise two open-pit mines and a processing plant, operating over an estimated 37-year life of mine. The mill is expected to process 45 million tonnes per annum (mtpa) of ore from 2028, expanding to 90mtpa in phase two, planned from 2034. Cribb confirmed that recent progress has been exciting, but there is still much work to be done before Reko Diq can deliver on its full potential. A range of mining services and equipment providers have secured contracts for work on Reko Diq. On 3 April, a deal was announced with mining services company Capital for early civil works and the construction and maintenance of a tailings storage facility. Following this, during the PMIF, Fluor Corporation was announced as the lead engineering, procurement and construction management partner. 'A lot of construction work occurs internationally, off site, as the equipment is manufactured,' explained Cribb. 'In 2026, much of that equipment will start arriving at site – so preparations for large transport and logistics work is ongoing,' he added. Other processing and mining equipment providers to the project include industry heavyweights such as Metso, Weir, Komatsu and Caterpillar. 'You always need to bring in international expertise when you start off in new regions,' said Cribb. 'Large-scale mining equipment is not available in the local market, so part of the challenge has been bringing key suppliers into Pakistan.' As for the integration of technological advancement such as automation and AI into the mine once it is operational, Cribb has a balanced outlook as project manager. 'There is obviously risk in big projects," Cribb said. "We want to minimise that by ensuring that everything we do is tried and tested before building them into Reko Diq, but we also want to leave opportunities open for automation or battery technology and the like. "We have kept that as the thesis for the work to realise efficiency and cost-benefits,' he added. As demand for critical minerals skyrockets, global attention is increasingly turning towards Pakistan's relatively untapped reserves of 92 total discovered minerals. Critical minerals were reportedly a key topic of discussion between US Secretary of State Marco Rubio and Pakistani Foreign Minister Ishaq Dar in a meeting on 7 April. The Reko Diq project has a significant role to play in this upward trajectory, being situated in the world-renowned Tethyan copper belt near Pakistan's borders with Iran and Afghanistan. Cribb confirmed that despite the instabilities of the region, the site itself is 'relatively peaceful'. Barrick Gold has established social development and training programmes for the local community and employees, with the aim of building a domestic workforce of 4,000 long-term workers that are skilled in operating mining equipment. The project workforce could peak at 7,500 during construction. The project is also expected to produce $74bn in free cash flow over the next 37 years, according to Barrick Gold CEO Mark Bristow. Barrick Gold's commitment to Reko Diq's potential is such that chairman John Thornton cited the project in a proposal to rebrand the company to Barrick Mining to reflect its push into copper operations. Cribb told Mining Technology that the scale of Reko Diq will 'break down barriers in Pakistan's mining supply chain, especially for future exploration and deposits'. 'There is so much potential in Pakistan and we are looking at other exploration opportunities,' he concluded. "Reko Diq 'breaking down barriers' in Pakistan's mining industry, says project manager" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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Express Tribune
10-04-2025
- Business
- Express Tribune
Barrick Gold targets $2b financing for Reko Diq copper-gold project
Tim Cribb, Barrick Gold's Project Director For Pakistan's Reko Diq, speaks during an interview with Reuters, during the Pakistan Minerals Investment Forum 2025, in Islamabad, Pakistan April 8, 2025. REUTERS/Ariba Shahid/File Photo Listen to article Barrick Gold is looking to secure upwards of $2 billion in financing for its Reko Diq copper and gold project in Pakistan, with term sheets expected to be finalised by early Q3 2025, according to the project's director. The funding will support the development of Reko Diq, one of the largest undeveloped copper-gold deposits globally, which is expected to generate $70 billion in free cash flow and $90 billion in operating cash flow. Reko Diq is a joint venture between Barrick Gold, the governments of Pakistan and Balochistan. The project's phase one financing, estimated to start production in 2028, is currently being negotiated with multiple international lenders. Tim Cribb, Barrick Gold's Project Director for Reko Diq, revealed in an interview at the Pakistan Minerals Investment Forum 2025 that the mine is seeking $650 million in financing from the International Finance Corporation (IFC) and the International Development Association (IDA). Additionally, the project is in talks with the US Export-Import Bank for financing of $500 million to $1 billion, as well as securing $500 million from various development finance institutions, including the Asian Development Bank, Export Development Canada, and the Japan Bank for International Cooperation. "We expect to close the term sheet in late Q2 or early Q3," said Cribb. The Reko Diq project has recently seen an upgrade in its scope. The phase one throughput will increase to 45 million tonnes per annum (mtpa) from 40 mtpa, and the phase two throughput will rise to 90 mtpa from 80 mtpa. Consequently, the mine's life has been adjusted from 42 years to 37 years, though Barrick believes additional unaccounted minerals may extend the life to up to 80 years. The cost of phase one has also risen to $5.6 billion from $4 billion. Cribb also mentioned that railway financing talks are progressing, with infrastructure costs estimated between $500 million and $800 million, with the initial cost pegged at $350 million. The financing deal is expected to be supported by offtake agreements, with potential clients from Asia, including Japan and Korea, as well as European countries like Sweden and Germany, looking to secure copper supplies for their industries.
Khaleej Times
08-04-2025
- Business
- Khaleej Times
Barrick's Reko Diq project in Pakistan aims $2 billion new financing
Barrick Gold's Reko Diq copper and gold project in Pakistan intends to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters on Tuesday. The funding will support the development of the Reko Diq mine, one of the world's largest underdeveloped copper-gold deposits, which is hoped to generate $70 billion in free cash flow and $90 billion in operating cash flow. Barrick Gold and the governments of Pakistan and Balochistan own the project jointly. The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders. In an interview with Reuters at the Pakistan Minerals Investment Forum 2025, the Reko Diq's Project Director, Tim Cribb, said the mine is looking at $650 million from the International Finance Corporation and International Development Association. Cribb added that the mine is also in talks with the US Export-Import Bank for $500 million to $1 billion in financing, as well as $500 million from development finance institutions including the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation. "We expect to close the term sheet in either late Q2 or early Q3," said Cribb. He said railway financing talks are underway with the IFC and other lenders, with infrastructure costs estimated at $500-800 million, with roughly be $350 million as initial cost. A recent feasibility study has upgraded the project's scope, with phase one throughput increasing to 45 million tons per annum from 40 million, and phase two throughput rising to 90 million tons per annum from 80 million. The mine life has been revised to from 42 years to 37 years due to the rising throughput, although the company believes unaccounted-for minerals could extend the life to 80 years. The cost of phase one has also been revised upwards to $5.6 billion from $4 billion. The World Bank plans to invest $2 billion annually in Pakistan's infrastructure over the next decade. The lenders are expected to secure offtake agreements, with potential clients including countries in Asia such as Japan and Korea, as well as European nations like Sweden and Germany, which are looking to secure copper supplies for their industries, Cribb said.
Arab News
08-04-2025
- Business
- Arab News
Barrick's Reko Diq project in Pakistan aims for $2 billion international financing
KARACHI: Barrick Gold's Reko Diq copper and gold project in Pakistan intends to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters on Tuesday. The funding will support the development of the Reko Diq mine, one of the world's largest underdeveloped copper-gold deposits, which is hoped to generate $70 billion in free cash flow and $90 billion in operating cash flow. Barrick Gold and the governments of Pakistan and Balochistan own the project jointly. The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders. In an interview with Reuters at the Pakistan Minerals Investment Forum 2025, the Reko Diq's Project Director, Tim Cribb, said the mine is looking at $650 million from the International Finance Corporation and International Development Association. Cribb added that the mine is also in talks with the US Export-Import Bank for $500 million to $1 billion in financing, as well as $500 million from development finance institutions including the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation. 'We expect to close the term sheet in either late Q2 or early Q3,' said Cribb. He said railway financing talks are underway with the IFC and other lenders, with infrastructure costs estimated at $500-800 million, with roughly be $350 million as initial cost. A recent feasibility study has upgraded the project's scope, with phase one throughput increasing to 45 million tons per annum from 40 million, and phase two throughput rising to 90 million tons per annum from 80 million. The mine life has been revised to from 42 years to 37 years due to the rising throughput, although the company believes unaccounted-for minerals could extend the life to 80 years. The cost of phase one has also been revised upwards to $5.6 billion from $4 billion. The World Bank plans to invest $2 billion annually in Pakistan's infrastructure over the next decade. The lenders are expected to secure offtake agreements, with potential clients including countries in Asia such as Japan and Korea, as well as European nations like Sweden and Germany, which are looking to secure copper supplies for their industries, Cribb said.
Reuters
08-04-2025
- Business
- Reuters
Barrick's Reko Diq project in Pakistan aims new financing
KARACHI, April 8 (Reuters) - Barrick Gold's ( opens new tab Reko Diq copper and gold project in Pakistan intends to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters on Tuesday. The funding will support the development of the Reko Diq mine, one of the world's largest underdeveloped copper-gold deposits, which is hoped to generate $70 billion in free cash flow and $90 billion in operating cash flow. Barrick Gold and the governments of Pakistan and Balochistan own the project jointly. The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders. In an interview with Reuters at the Pakistan Minerals Investment Forum 2025, the Reko Diq's Project Director, Tim Cribb, said the mine is looking at $650 million from the International Finance Corporation and International Development Association. Cribb added that the mine is also in talks with the U.S. Export-Import Bank for $500 million to $1 billion in financing, as well as $500 million from development finance institutions including the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation. "We expect to close the term sheet in either late Q2 or early Q3," said Cribb. He said railway financing talks are underway with the IFC and other lenders, with infrastructure costs estimated at $500-800 million, with roughly be $350 million as initial cost. A recent feasibility study has upgraded the project's scope, with phase one throughput increasing to 45 million tons per annum from 40 million, and phase two throughput rising to 90 million tons per annum from 80 million. The mine life has been revised to from 42 years to 37 years due to the rising throughput, although the company believes unaccounted-for minerals could extend the life to 80 years. The cost of phase one has also been revised upwards to $5.6 billion from $4 billion. The World Bank plans to invest $2 billion annually in Pakistan's infrastructure over the next decade. The lenders are expected to secure offtake agreements, with potential clients including countries in Asia such as Japan and Korea, as well as European nations like Sweden and Germany, which are looking to secure copper supplies for their industries, Cribb said.
